OPEC & RUSSIA: NO SANCTIONS
The third high-level meeting of the OPEC-Russia Energy Dialogue took place in Vienna today. The meeting was chaired by HE Abdalla Salem El-Badri, OPEC Secretary General, and HE Alexander Novak, Minister of Energy of the Russian Federation. The meeting was also attended by a senior delegation from the Russian Federation and senior officials from the OPEC Secretariat.
The meeting follows on from the successful high-level meeting of the OPEC-Russia Energy Dialogue that took place in Moscow in 2013, and a meeting of experts held in Vienna early this year.
Both Parties provided their views on current oil market developments and prospects, with a general consensus that the market is well-supplied with healthy stock levels and adequate spare capacity. They also underscored the importance of stable and predictable markets for the health of the industry and investments, and the well-being of the global economy.
They reviewed the summary discussions of the technical meeting that took place between experts from both Parties on tight oil and shale gas, and global refinery developments. The value of such expert level interactions was highlighted as important to the constructive and cooperative nature of the dialogue. The two Parties agreed that the topics for next year's technical meetings would focus on petrochemicals outlook and fiscal regime perspectives in the Russian oil sector – including comparison with other international applications.
The Parties agreed to continue their collaborative efforts and to have their next high-level meeting in Moscow during the second half of 2015.
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WNA - Apart from adding capacity, utilisation of existing plants has improved markedly since 2000. In the 1990s capacity factors averaged around 60%, but they have steadily improved since and in 2010, 2011 and 2014 were above 81%. Balakovo was the best plant in 2011 with 92.5%, and again in 2014 with 85.1%.
WNA - India has a flourishing and largely indigenous nuclear power programme and expects to have 14.6 GWe nuclear capacity on line by 2024 and 63 GWe by 2032. It aims to supply 25% of electricity from nuclear power by 2050.
WNA - Mainland China has 38 nuclear power reactors in operation, about 20 under construction, and more about to start construction. The reactors under construction include some of the world's most advanced, to give a 70% increase of nuclear capacity to 58 GWe by 2020-21. Plans are for up to 150 GWe by 2030, and much more by 2050.
PLATTS - "The domestic uranium mining industry needs US government assistance to survive the foreign onslaught -- particularly from Russia and Kazakhstan -- that has undermined the US uranium industry while new players -- particularly China -- will soon make the situation worse," Energy Fuels and Ur-Energy said in a petition they jointly filed with the department.